"Lost Ground, 2011" is based on an analysis of 27 million mortgages made over a five-year period. Here are our top-line findings: The nation is not even halfway through the foreclosure crisis. 6.4 percent of mortgages made between 2004 and 2008 have ended in foreclosure, and an additional 8.3 percent are at immediate, serious risk.
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When a borrower loses their home to foreclosure and still owes their lender money after the sale, the remaining debt is usually referred to as a deficiency. Lenders can sue to recover this amount. For example, if you owe $500,000 on your mortgage and can no longer afford to make payments on the note, your lender will institute foreclosure proceedings against you and will eventually sell your home at a public sale.
The lender would much rather see you sell the property than be forced to take the property through foreclosure, as foreclosure is a costly and time-consuming process. Contact your mortgage lender to discuss what it can do to assist you in selling through a short sale, and what are its procedures and requirements.
Short sales and foreclosures made up 52 percent of all recent Southern California home sales – Lenders aggressively pricing lower-end properties to move. Two Pasadena examples. The Southern California housing market is starting to have fewer places to hide in regards to zip codes immune to the correction .
Analysis: Lenders Aggressively Going after Money Lost in foreclosures federal regulators and mortgage lenders argued the foreclosure statistics are only part of the story because reverse mortgages can go into foreclosure if the estate of a deceased homeowner doesn’t. "Our members are collaborating with local hospitals to.
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